Rand Surges as Fraud Charges Against Pravin Gordhan Are Dropped
- Rand strengthens most among major, emerging-market currencies
- Currency extends gains after September trade surplus
South African Prosecutors Drop Gordhan Fraud Charges
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The rand advanced to the strongest in almost six weeks, leading global gains against the dollar on speculation South Africa may avert a debt downgrade this year after prosecutors dropped fraud charges against Finance Minister Pravin Gordhan.
The currency gained 2.5 percent to 13.4907 per dollar by 6:04 p.m. in Johannesburg, the strongest on a closing basis since Sept. 27. The rand strengthened most among 31 major and emerging-market currencies against the dollar and climbed 1.7 percent in October, a second monthly advance. Bond yields fell to the lowest in three weeks and an index of bank stocks climbed the most in more than seven months.